Well, what a day today! Whilst I had thought that Mr Miller’s hopes of doing a deal by 11th May were optimistic, to say the least, I did not expect to end today with him out of the bidding.
As is my wont, let’s have a look at the statements by Mr Miller, and from Duff and Phelps, and see where this takes Rangers now.
As always, my comments are in bold beneath the relevant part of the original.
American businessman Bill Miller has issued the following statement on his decision to withdraw his bid for Rangers.
“As soon as I was announced as preferred bidder for Rangers, my team began to press ahead with our due diligence.
“Until then, information had been limited to what was made available in the internet data room and questions addressed to the administrators and their staff.
Preferred bidder status was granted on Thursday, and by Tuesday he was gone. That suggests some bombshell hit him in the period after his people got access to the books, or else something happened over that period. Continue reading
The processes and procedures by which Rangers FC Acquisitions Ltd take over Rangers’ assets and put out a team at Perth on Sunday (which seems to be the plan) is fraught with complication.
The SPL Articles of Association and the SPL Rules need to be consulted, along with the SFA Handbook, Articles and Rules.
Bearing in mind the SPL chairmen are meeting today, indeed as I type, I thought I would see if there is a quick way to look at the issue.
I think, and my analysis is detailed below, that even if the SPL chairmen today consider the matter, they cannot admit newco Rangers, as right now it does not own a football club. In addition, newco does not satisfy the membership criteria for the SPL as regards Financial Disclosure Requirements. It is too late to apply, although that time limit can be excused. Continue reading
In the aftermath of the decision to appoint Mr Miller as preferred bidder for Rangers, the Blue Knights via Mr Murray sought to get their views into the media. A statement came from Blue Knights HQ. To say the least the Knights and D&P no longer see eye to eye.
Den was good enough to do some analysis of the BBC report of the matter, and his post commences below,
Den, it’s all yours! Continue reading
The Bill Miller takeover of Rangers is intended to take place this week (by 11 May). That does not leave much time. My plan is to write a few posts looking at the hurdles Duff & Phelps and Mr Miller will need to cross to achieve the goal of having Rangers play its last game of the season next Sunday under the ownership of the American trucking tycoon.
The second area I will look at is that of the possible legal challenges to the proposed deal.
Creditors and shareholders could seek to block the deal if they consider that they are prejudiced, and even the sale happening will require court actions to decide ho much, if anything, can be put in the pot for a CVA for unsecured creditors!
Since Rangers fell into financial troubles, various possible “new Rangers” have appeared on the books of Companies House. However these usually turn out probably to have been created by fans, opportunists or jokers.
Over recent months the following companies have appeared –
Rangers Football Club of Glasgow Ltd
Rangers 2012 Ltd
Glasgow Rangers Ltd
Glasgow Rangers Club Football Ltd
Glasgow Rangers Football Club Ltd
Glasgow Rangers Football Club 2012 Ltd
There is even a Celtic Ranger Ltd!
However, I can exclusively reveal the most likely of these various pretenders to be the real “newco”.
My sources (the Companies House website) disclose that on 4th May 2012 a new company was incorporated. Continue reading